On February 19, 2019, the Securities and Exchange Commission (SEC) announced a proposal to expand the “testing-the-waters” exemption to all issuers. Currently the exemption is limited to emerging growth companies1 (EGCs). If implemented, the rule and related amendments under the Securities Act of 1933, as amended (the Securities Act), would allow all issuers to communicate with qualified institutional buyers2 (QIBs) and institutional accredited investors3 (IAIs) regarding contemplated registered securities offerings, before or after an issuer files a registration statement (continue)

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